Regulatory Alerts2020-04-27
Added · Updated
Central Bank of Jordan Circular on Interest Rate Adjustments and Customer Notification
The Central Bank of Jordan mandates that banks adjust variable interest rates on credit facilities quarterly and prohibits rate increases for customers until the end of 2020, except when the Central Bank changes policy rates. Banks must reflect changes in the actual overnight interbank lending market rate rather than JODIBOR values for existing loans and are required to notify all customers via SMS of new interest rates, monthly installments, and adjustment periodicities. These provisions apply immediately and cancel any conflicting previous instructions.